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Metaplanet announces plan to raise R$380 million to increase Bitcoin reserves
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THE Japanese investment company Metaplanet revealed a plan to capture 9.5 billion Japanese yen (approximately US$62 million or R$380 million) through a share acquisition scheme.
The initiative reinforces the company’s commitment to expanding its Bitcoin portfolio. Furthermore, it is in line with the strategy of reducing exposure to the yen, which has faced devaluation, while betting on the cryptocurrency‘s growth potential.
THE Metaplanet Board of Directors approved the allocation of 29 thousand units of Share Acquisition Rights to EVO FUND, an investment entity based in the Cayman Islands. The third-party allocation scheme will allow the company to raise capital flexibly, adjusting the exercise price of rights according to market conditions, avoiding excessive dilution of existing shares. Still, it is estimated that 8% dilution in total.
The resources will mainly go towards the purchase of Bitcoin, strengthening the company’s reserves, which currently total 1,142 BTCvalued at more than US$109 million until the day November 28, 2024. A small part of the amount will go to operational expenses, with use expected between December 2024 and June 2025.
Metaplanet emphasized its vision of becoming a global energy management entity Bitcoin-driven treasurywith exclusive focus on cryptocurrency. In a statement, the company stated:
The strategy is related to the Japanese economic environment, marked by persistent inflation and the devaluation of the yen. This reinforces the urgency of transforming Metaplanet’s treasury model.
Since April, the Metaplanet follows a similar strategy to MicroStrategya company known for accumulating large reserves of Bitcoin. Metaplanet has already acquired 1,142 BTCconsolidating its position in the cryptocurrency market.
In addition to the new share acquisition scheme, the company approved, in November 18, 2024the issuance of debt in the amount of ¥1.75 billion (about US$11.3 million) with an annual interest rate of 0.36%. The resources from this issuance will also be used to purchase Bitcoin. The bonds, redeemable at face value, will mature in November 17, 2025after completing the necessary guarantees.
THE Bitcoin price rose 1.6% in the last 24 hours to $96,998, according to data from CoinGecko.
Metaplanet announces plan to raise R$380 million to increase Bitcoin reserves
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Metaplanet announces plan to raise R$380 million to increase Bitcoin reserves
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Metaplanet announces plan to raise R$380 million to increase Bitcoin reserves
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Metaplanet announces plan to raise R$380 million to increase Bitcoin reserves
